The total cost of production refers to the ________.

Name: The total cost of production refers to the ________.
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Question

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The total cost of production includes both variable costs and fixed costs. Variable costs are costs that vary with the level of production, such as the cost of materials and labor, while fixed costs are costs that do not vary with the level of production, such as rent and salaries. The sum of these costs gives the total cost of production.

The Total Cost of Production Refers to the ________